Chinese EV makers are slumping in the pre-market session today on growth concerns and as the positive impact from the comments of China’s central bank last week wanes.
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Additionally, supply chain woes, tight COVID-19 restrictions, and soft demand coupled with Tesla cutting prices in China are adding to the selling pressure.
Leading the charge is NIO (NYSE:NIO) with a drop of 5.5% in pre-market trade. Further, Xpeng (NYSE:XPEV) is down 9% on top of the nearly 10% drop yesterday. Following suit is Li Auto (NASDAQ:LI) with a drop of 8%.
Separately, Alibaba (NYSE:BABA) too is down 4% today.
The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) is now down 11% today already on top of the ~85% decline year-to-date.
Related tickers:
- JD.Com (NASDAQ:JD)
- Baidu (NASDAQ:BIDU)
- Pinduoduo (NASDAQ:PDD)
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